SEC settles with Abra over unregistered securities sales from their Abra Earn program.
The SEC has settled with crypto lending platform Abra over unregistered securities sales, stemming from their Abra Earn program. Abra agreed to the settlement without admitting or denying the allegations and will pay undetermined civil penalties. The SEC claims Abra operated as an unregistered investment company for two years, investing consumer funds and holding over 40% of its assets in securities, totaling $500M from US investors.
August 26, 2024
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